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Punjab National Bank to sell 1.36B rupees of nonperforming assets

Punjab National Bank has put on sale 1.36 billion Indian rupees worth of nonperforming assets, Press Trust of India reported July 6, citing the bank.

These comprise accounts with Gwalior Jhansi Expressways for 550 million rupees, SVS Buildcon Pvt. Ltd. for 500 million rupees and Shiva Texfabs Ltd. for 310.6 million rupees.

The bank plans to sell them to asset reconstruction companies, nonbanking financial companies, and other banks and financial institutions in line with regulatory guidelines. The electronic bidding sale process is set for July 20.

As of July 6, US$1 was equivalent to 68.77 Indian rupees.